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Europe Wheat Prices Gain Amid Black Sea Concerns
Wheat prices have risen in European and American markets due to worsening hopes of de-escalation in the Black Sea region. The price on Euronext increased by 0.9% to reach 243.75 euros per ton, while it rose by 2% on the Chicago Mercantile Exchange, supported by higher corn prices and trade talks between China and the United States. These gains followed drone attacks between Russia and Ukraine targeting ships and ports, which diminished the likelihood of resuming Black Sea exports or reaching an agreement on safe navigation, despite Russia resorting to alternative shipping routes. The market was also supported by importers' purchases, as Pakistan bought 365,000 tons of wheat, with an additional tender issued for another 185,000 tons. However, farmers' fears of falling prices if an agreement is reached led them to hold back from selling, despite the price increases.
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